Comstock Resources (CRK) investor relations material

Executive summary

• Added three operated rigs in 2025, with a fourth planned for early 2026 to drive production growth through 2027.

• Partnered with NextEra for a data center project, with initial power expected by 2027 and potential to expand to 8 GW.

• Completed $445 million in asset divestitures, improving the balance sheet and reducing leverage.

• Achieved highest total shareholder return among public E&P companies over the last two years at 162%.

• Q4 2025 saw improved financial results driven by higher natural gas prices, with sales reaching $364 million and operating cash flow at $222 million.

Financial highlights

• Q4 2025 oil and gas sales grew to $365 million, up 8% year-over-year, with operating cash flow of $222 million and adjusted EBITDAX of $277 million.

• Adjusted net income for Q4 2025 was $46 million ($0.16/share), flat year-over-year.

• Full-year 2025 production averaged 1.2 Bcfe/d, down 14% from 2024, but sales rose 15% to $1.4 billion due to higher prices.

• Full-year adjusted net income was $160 million ($0.54/share), reversing a net loss in 2024.

• Reported $396 million profit for 2025, including $292 million pre-tax gain on asset sales.

Outlook and guidance

• 2026 production guidance: 1,250–1,400 MMcfe/d; Q1 2026: 1,075–1,150 MMcfe/d.

• 2026 total capex expected at $1,400–$1,500 million, with plans to drill 66 wells and turn 72 wells to sales.

• Proved reserves at year-end 2025 were 7.0 Tcfe, up from 3.8 Tcfe at year-end 2024, with a PV-10 value of $4.5 billion.

• Expects to commercialize the Western Haynesville data center project with NextEra in 2026.

• Maintains $1.3 billion in liquidity, with flexibility to adjust drilling activity based on gas prices.